Tata Nifty MidSmall Healthcare Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Tata Nifty MidSmall Healthcare Index Fund Direct Growth Plan had a NAV of ₹15.3587 as of 10 September 2026 and an AUM of ₹219 Cr. Its 1-year, 3-year and 5-year returns are 17.95%, 0% and 0%, respectively, and it sits in the High Risk category. In our view, it suits investors who can tolerate sharp swings and want a focused healthcare theme, but the short history means the longer-term return record is still too limited to judge with confidence.

The fund’s launch in April 2024 makes the recent record more relevant than any long-term outcome. The portfolio is concentrated in healthcare names and the fund is designed to track a theme rather than a broad market basket, so the return pattern may differ from the wider market in meaningful ways.

Quick facts

Particular	Details
NAV	₹15.3587 as of 10 Sep 2026
AUM	₹219 Cr
Expense Ratio	0.5%
Launch Date	26 Apr 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	0.25% on or before 15D, Nil after 15D
Fund Managers	Nitin Sharma, Rakesh Prajapati

The fund is managed by Nitin Sharma and Rakesh Prajapati.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.71%	-4.06%
3M	9%	1.37%
1Y	17.95%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Recent performance has been uneven but constructive. The 1-month figure is slightly negative, yet it is still better than the benchmark’s weaker one-month reading. Over 3 months, the fund turned in a stronger gain than the benchmark, which suggests the theme had a better short-run stretch than the wider market.

The 1-year return is the clearest positive signal in the record available today. At 17.95%, it stands well above the benchmark’s -7.31%, which means the fund has materially outpaced the market benchmark over the past year. That gap matters because it shows the healthcare theme has not simply moved with the broad market.

At the same time, the fund’s brief life means there is no 3-year or 5-year trail to study. We therefore place more weight on the 1-year path and the shorter run-up and pullback pattern visible in the performance line. Our view is that the fund has shown meaningful upside in a sector-led phase, but the record is still too new to treat that as a stable long-term pattern.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Tata Nifty MidSmall Healthcare Index?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Tata Nifty MidSmall Healthcare Index Fund Direct Growth Plan	17.95%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.08%	30.07%	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	26.95%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	26.94%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	24.33%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	23.74%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

The fund’s 1-year return is below the leading peer figures shown here, including the two defence-themed index funds and the NASDAQ-100 fund. That does not make the healthcare fund weak on its own terms, but it does show that its recent momentum has been more moderate than several other thematic index strategies over the same horizon.

The longer-term comparison is less informative because the fund has no 3-year or 5-year history yet, while the NASDAQ-100 peer does have a strong 3-year record. So the peer view tells two different stories: recent performance is respectable, but the available longer-history peers have had more time to compound and, in the case of some funds, have done so more strongly.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Laurus Labs Ltd	Healthcare	11.22%
Lupin Ltd	Healthcare	8.01%
Aurobindo Pharma Ltd	Healthcare	7.16%
Fortis Healthcare Ltd	Healthcare	7.12%
Glenmark Pharmaceuticals Ltd	Healthcare	5.62%
Alkem Laboratories Ltd	Healthcare	4.7%
Biocon Ltd	Healthcare	4.43%
Ipca Laboratories Ltd	Healthcare	4.13%
Mankind Pharma Ltd	Healthcare	4.13%
Gland Pharma Ltd	Healthcare	3.46%

The top 10 holdings account for approximately 59.98% of the portfolio.

To see all holdings, visit the Tata Nifty MidSmall Healthcare Index Fund Direct Growth Plan page

The largest holding, Laurus Labs Ltd, carries a weight of 11.22%, so it may have greater influence on day-to-day movement than the smaller positions below it. The tenth holding, Gland Pharma Ltd, is at 3.46%, which shows that weight does fall away, but not in a straight drop; several mid-sized positions still carry meaningful weight.

With the top 10 positions making up 59.98% of the portfolio and a total of 30 disclosed holdings, the structure looks moderately concentrated rather than fully spread out. That concentration may matter more in a sector fund, because individual stock moves can have a larger effect when the portfolio is built around a narrower theme.

At the same time, the remaining holdings still provide a tail beyond the top names, so the fund is not entirely dependent on one or two stocks. Our view is that the portfolio balance is best described as focused, with enough spread to avoid extreme single-stock dependence but not enough breadth to dilute theme risk meaningfully.

Source data date: as of 10 Sep 2026

Who should invest

This fund is better suited to investors who can accept High Risk exposure and who are comfortable with a sector-led return path. The one-year record is encouraging, but the absence of 3-year and 5-year history means the fund has not yet built a long track record through different market cycles.

An investor with a medium to long horizon may find the theme more appropriate than someone looking for steady, broad-market style returns. The main trade-off is clear: the healthcare focus can create stronger moves than a diversified equity fund, so the potential for outperformance comes with a narrower engine and more uneven year-to-year behaviour.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load: 0.25% on or before 15D, Nil after 15D.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of Tata Nifty MidSmall Healthcare Index Fund Direct Growth Plan?

The current NAV is ₹15.3587 as of 10 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

Its 1-year return is 17.95%, while the 3-year and 5-year returns are Data not available.

How has the fund performed versus its benchmark?

Over 1 year, the fund has returned 17.95% versus -7.31% for the benchmark. Over 3 months, it has returned 9% versus 1.37% for the benchmark.

How does it compare with the peer funds shown here?

Its 1-year return of 17.95% is below the peer figures shown for ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan, Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan, Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan, Tata Nifty Capital Markets Index Fund Direct Growth Plan and Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What are the fund’s risk level, key holdings and exit load?

The fund is in the High Risk category. Its largest holding is Laurus Labs Ltd at 11.22%, and the exit load is 0.25% on or before 15D, Nil after 15D.

Bottom line

This fund has shown a better recent return path than its benchmark, but only over a short history, so the longer-term case is still developing. Against the peer set shown here, its one-year return is more modest, yet the comparison is not apples-to-apples because some peers have longer records and different themes. The portfolio is focused on healthcare names and the top 10 holdings make up 59.98% of assets, which supports a concentrated thematic profile for investors who can handle High Risk exposure.

Published on 11 September 2026 at 12:58 PM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.